For those who refer in cavalier fashion to white-collar convicts and “Club Fed,” consider this New York Times article on Raj Gupta’s federal prison experience: Onetime Allies on Wall Street Have Uneasy Prison Reunion After Insider Trading Trials. In particular: In their heyday, Raj Rajaratnam and Rajat K. Gupta were business partners who lent each other a helping hand. The two men were very different. Mr. Rajaratnam was a high-rolling hedge fund manager who loved to take risks, while Mr. Gupta was a consultant educated at Harvard Business School who worked all his life at one firm, McKinsey & Company. Years after their closely watched insider trading trials and two of…